Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,418/mo
Lowest payment- Down payment
- $42,899
- Funds due
- $56,819
- Interest + MI left
- $587,676
- First ends
- Feb 2056
New loan
New conventional
$3,789/mo
+$371/mo- Down payment
- $53,990
- Funds due
- $64,105
- Interest + MI left
- $736,915
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $497,001 | $485,910 |
| Second mortgage | — | — |
| First P&I | $3,090.25 | $3,364.34 |
| Second P&I | — | — |
| Mortgage insurance | — | $97.18 |
| Taxes, insurance & HOA | $327.33 | $327.33 |
| Total housing payment | $3,417.58 | $3,788.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,899
Closing costs & prepaids$13,919
Usable credit−$0
Total buyer cash needed$56,819
Earnest money paid−$0
Remaining funds due$56,819
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,399.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,485.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$374.00
Initial HOA (3 months)$108.00
Prepaid interest, first (1 days)$85.24
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing29 yr 3 moOf the original 30-year loan at 6.260%
Interest already paid$23,449Through Nov 2026
Assumption only · ends Feb 2056$587,676
New conventional · ends Dec 2056$736,915